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Jonathan Price – CRE & Flex Expert
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In response to the high demand for flexible work environments in cities like Dubin, International Workplace Group (IWG) revealed that it will open four new flexible workspaces across Ireland.
IWG, which provides workspace solutions under brands such as Space, Regus, and HQ, has announced the addition of new centers in Blanchardstown and Blackrock in Dublin, and Clonmel in Co Tipperary and Limerick.
According to a report published by RTE, these locations are designed to support the concept of a “15-minute city,” catering to individuals who desire to work closer to home and reduce commute times.
The strategic expansion in Ireland not only caters to professional’s evolving preferences for flexible workspaces, but it also challenges rival WeWork — particularly in the city of Dublin where WeWork has also previously expanded and secured prime real estate.
Last year, WeWork secured a deal with real estate developer Hines for the lease of the former Central Bank of Ireland HQ in Dublin. The substantial deal included incentives like an extended rent-free period and contributions to office fit-out costs and reveals just how high the demand for coworking centers in Ireland is.
Ireland’s dramatic demand for flexible workspace is driven by cost, the rise of gig workers and remote work. However, the substantial cost of WeWork’s lease at Central Plaza, at €60 per square foot for approximately 73,000 square feet, raises questions about the company’s business strategies amid its bankruptcy restructuring efforts.
As it pertains to IWG, Business Plus reports that the first HQ-branded business center in Ireland will be established in Limerick, offering 4,000 square feet of premium office space including workstations, private offices, and parking facilities. Meanwhile, the Blanchardstown location will feature a 5,000 square foot HQ site at Corporate Park 2, complementing the existing Regus space at Corporate Park 1.
In Clonmel, the Regus workspace at The Ormond Centre will span 10,500 square feet, providing over 160 workstations along with private offices and meeting rooms. It’s reported that the location is slated to open in the third quarter of this year. The Blackrock Regus center will occupy 11,568 square feet of Temple House, with an opening planned for the second quarter, offering a similar range of facilities.
WeWork, while having secured a notable location in Dublin last year, will likely face heightened competition from IWG’s commitment to bolstering its presence in Ireland. IWG projects that by 2030, 30% of all commercial real estate will be dedicated to flexible workspaces, according to Business Plus. The increased competition in the market between many coworking operators will likely become a defining feature in Ireland’s commercial real estate landscape in the coming years.
